Aberdeen Jobs News – Oilfield specialist firm, ITS gets £34.5m boost from US firm

ITS Group of Aberdeen yesterday announced a £34.5million investment in the company from a US private equity firm to help expansion at home and abroad.

As reported in The press & Journal, the specialist provider of oilfield equipment and services to the global oil and gas industry said that Lime Rock Partners has taken a minority stake in the business.

ITS is aiming to become a major global player in the oilfield drilling sector and already has 25 facilities worldwide and provides jobs for nearly 1,100 employees in Aberdeen and across their world-wide operations.

Executive chairman and founder Bob Kidd was quoted as saying, “This is an exciting time for the group, with unprecedented levels of opportunity in a challenging environment.

“The investment strengthens our balance sheet, allowing us to continue investing organically and also to pursue the acquisition opportunities that are prevalent in the current market.

“Lime Rock Partners has an impressive track record supporting growing companies in the sector.”

The news is another sign of improving confidence in the oil and gas sector in Aberdeen and, along with other recent indicators is encouraging with regarding to the prospects for more new jobs in Aberdeen and oil and gas jobs in general.

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